Full House Resorts has announced an agreement to sell Stockman’s Casino, located in Fallon, Nevada, through its wholly-owned subsidiary Stockman’s Casino, Inc. The sale, which is expected to generate approximately $9.2 million in gross proceeds, will be executed in two separate transactions.
Under the terms of the agreement, the first transaction involves the sale of Stockman’s real property to Clarity Game LLC for $7.0 million. This transaction is anticipated to close by late September 2024. The second transaction, which includes the sale of certain remaining operating assets for $2.2 million, will proceed once customary gaming approvals are secured.
Until the completion of the second transaction, Full House Resorts will pay Clarity a monthly rent of $50,000 and continue to operate Stockman’s Casino. Following the second closing, ownership and daily operations of the casino will be transferred to Clarity.
Daniel R. Lee, President and Chief Executive Officer of Full House Resorts, commented on the transaction: “We are pleased to announce the sale of Stockman’s Casino to Michael Gaughan III, David Ross, and the rest of their team. As we have continued to grow in size, we find it prudent to focus on the larger properties in our portfolio, including our newly-opened Chamonix and American Place casinos.”
“We are proud of our transformation of Stockman’s Casino over the years, and know that Michael and David will drive continued improvement under their ownership,” he concluded.
Original article: https://www.yogonet.com/international/noticias/2024/09/04/77603-full-house-resorts-to-sell-stockmans-casino-in-92-million-deal
